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Tax on long-term capital gains in certain cases

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..... No.2) Act, 2004 (23 of 2004) has,- (a) in a case where the long-term capital asset is in the nature of an equity share in a company, been paid on acquisition and transfer of such capital asset; or (b) in a case where the long-term capital asset is in the nature of a unit of an equity oriented fund or a unit of a business trust, been paid on transfer of such capital asset. (2) The tax payable by the assessee on the total income referred to in sub-section (1) shall be the aggregate of- (i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh rupees at the rate of ten per cent.; and (ii) the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains refe .....

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..... such capital gains. Explanation .-For the purposes of this section,- (a) equity oriented fund means a fund set up under a scheme of a mutual fund specified under clause (23D) of section 10 10 [ or under a scheme of an insurance company comprising unit linked insurance policies to which exemption under clause (10D) of the said section does not apply on account of the applicability of the fourth and fifth proviso thereof ] and,- (i) in a case where the fund invests in the units of another fund which is traded on a recognised stock exchange,- (A) a minimum of ninety per cent. of the total proceeds of such fund is invested in the units of such other fund; and (B) such other fund also invests a minimum of ninety per cent. o .....

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..... ct 20 of 1967 w.e.f. 1-4-1968 before it was read as plus 5. Omitted vide Finance (No. 2) Act, 1967 w.e.f. 1-4-1968 before it was read as (c) income-tax on such compensation or other payment and on such capital gains, if any, computed in accordance with the provisions of clause (iii) of section 112 and of clause (b) of section 114, respectively. 6 Substituted vide Finance Act 20 of 1967 w.e.f. 1-4-1968. before it was read as sections 112, 114 and 193 7. Omitted vide Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1969 before it was read as Explanation 2 [1]--For the purposes of clause (b), the average rate of income-tax shall be calculated as if the total income as reduced in the manner specified in the said clause c .....

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